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With The New Price of Fuel, These are 5 Things That May Happen in Nigeria Before End of March

With The New Price of Fuel, These are 5 Things That May Happen in Nigeria Before End of March

It is now obvious that things are no longer going to be the same way they were in Nigeria. The sudden hike in the fuel price will definitely change the course of things.

Nigerians woke up on Friday morning to the devasting news of fuel pump increase contrary to the expectations of price reduction below 100 naira as promised by the president few days ago.

The PMS which is sold 167 naira per litre will now go for 212 naira. The announcement was contained in the press release by the regulatory body on Friday night. Fuel hike has never been a strange occurrence in Nigeria. What makes it strange is the way government usually caught the people unaware each time it tends to embark on a sensitive mission.

This latest development is unarguably the highest hike since the discovery of crude oil in Nigeria. And with the situation of things already on ground in the country, Nigerians should expect these five things as offshoot from the latest fuel price before end of the month.

  1. The development will lead to collapse of many businesses across the country. This is because many organization depend on generator power to run. As we know, this cannot be achieved without fuel.

And now that the cost of generating power has increased without a corresponding increase in gross income, a right thinking businessman will shut down before he loses his business capital completely.

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  1. The situation will lead to mass resignation of many Nigerian workers especially in the urban center. Imagine someone who earns 50k as monthly salary and spends 20k as transport fare for the month.

But now, the person will be forced to spend between 30 and 40k as T- fare without an increase in salary. Such a person will rather resign and look for something else to do rather than working for transporters every month.

  1. There will be a skyrocketed inflation across the country. Everything will now have to increase alongside the fuel price because the economy largely depends on it. It will drastically affect the purchasing power.
  2. As a result of massive unemployment that will be triggered by collapse of business and inflation, insecurity will definitely increase. There has always been insecurity before now but with the way things are, the trend will become unmanageable.
  3. With the new pump price, the rate of poverty will increase across the country. This is because daily expenses will have eaten deep into people’s income and will make it difficult for saving. Many people will now be forced to be living from hand to mouth without enough capacity to save for the raining day.

This is the implication of this latest fuel pump increament.

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